Enviro Infra Engineers IPO Subscription Details on Day 2

25 Nov 2024 , 02:42 PM

Enviro Infra Engineers’ IPO, which opened for public subscription on Friday, has seen strong demand, with a subscription rate of 8.99 times by 2:38 pm on the second day, November 25, 2024.

The IPO, worth ₹650.43 crore, involves a combination of fresh issue of 3.87 crore equity shares and an offer for sale (OFS) of 52.68 lakh shares by promoters.

The non-institutional investors’ portion was oversubscribed 22.96 times, while the qualified institutional buyers (QIBs) segment received 2.47 times subscription. The retail investor category was subscribed 6.77 times.

The IPO’s price band has been set between ₹140-148 per share. Before the IPO, the company raised approximately ₹195 crore from anchor investors. Currently, the promoters hold over 93% of Enviro Infra Engineers’ equity.

The company plans to utilize ₹181 crore from the fresh issue for working capital, ₹100 crore for debt repayment, and ₹30 crore for a subsidiary’s sewage treatment plant project in Mathura, Uttar Pradesh.

Enviro Infra Engineers specializes in the design, construction, operation, and maintenance of water and wastewater treatment plants for government projects, using zero-liquid discharge processes for treated water. Hem Securities is the sole book-running lead manager for the IPO.